Turkey quake contributed to $43 bln in H1 insurance losses: Munich Re

A deadly earthquake in Turkey and Syria as well as tornadoes and hailstorms in the United States contributed to losses covered by insurance of $43 billion in the first half of 2023, Munich Re said in a report released on Thursday.

The figure is slightly lower than the $47 billion in insured losses incurred in the first half of 2022, but higher than the 10-year average of $34 billion, according to Munich Re, the world's largest reinsurer.

Including uninsured losses, the figure came to $110 billion in the first half of the year - also significantly above the 10-year average.

The earthquake in Turkey and Syria, in which some 58,000 people were killed, was the largest contributor to insured and uninsured losses incurred in the first half of 2023 at $40 billion.

A series of severe thunderstorms in the U.S. brought destructive tornadoes and hailstorms that resulted in $35 billion in insured and uninsured losses, according to Munich Re.

Though the El Nino weather pattern is contributing to higher temperatures, Rauch said that "the global trend towards higher water and air temperatures is predominantly driven by climate change - with increasing weather catastrophes and financial burdens as a result."

(Reuters)